Bitcoin Up 10%

by , under Financial

bitcoin logoIt’s been some time since I had an interest in Bitcoin. I wish I had taken an interest when it first came out. The problem was, I didn’t really understand it. I should have taken more time and got in on the ground floor – I know a couple of people that literally made enough money when it around $1,000.00 per. These guys had been “mining” for bitcoin since the early days and had tons of them available when the digital currency soared.

Just before the big news of the new Chinese exchange was to open, there was speculation that bitcoin could take off again. Many were certainly hoping so and there was some investing going on. I myself dabbled a tiny little bit but not enough to really make any huge gains, even if it were to hit 1,000.00 again. My total amount of bitcoin owned is about a 1/2 of one.

One thing that I was really curious about though is that the number of businesses that are accepting bitcoin as a payment option is increasing. I would have thought that would have given it’s value a boost, but it hasn’t done very much really. At one point, our own business offered to accept bitcoin for payment for some services and perhaps as partial payment on larger invoices, but even though it was well advertised, we had zero clients that even discussed it as an option with us. I suppose it is still a possibility that we could accept bitcoin if someone wanted to offer payment in that currency, but we’re not being too aggressive about it.

I think the biggest problem is that most people really don’t understand how it works, and when there is not much understanding, there is distrust. It can be weird to a newcomer to the currency to understand the management of wallets, the security that you need to have around them (although truly, this is not that difficult but to non-technically inclined people, it can take a bit of work to figure out), and how payments actually work.

With this in mind, I kind of lost interest in bitcoin, but today for some odd reason, I decided to check out it’s value. Although it’s not high, there is some excitement in the market as today, it rallied for 10% gains. But no one really knows what was behind the rally. Trading was quite heavy at the time of writing.

Some are suggesting that when a crisis is rumoured to be imminent, Bitcoin’s value will soar. With the way things are in the USA right now, if you have a bit of money to purchase bitcoin, it might be end up being a valuable gamble to you.

If you don’t know what bitcoin is, there is no point in me trying to explain when there are some great resources already out there for you to look at:

What Is Bitcoin?

Read through the FAQ’s at the bottom of that link, as well. If you’d like to trade some services in bitcoin, leave me a message and contact information in the comments. We can talk about it :)

  1. Dave Roberts

    Interesting – I’ve been telling people that I’ll accept bitcoin as well for over two years now but not a single person has offered to pay with that currency.

    I bought a bunch of bitcoin last year, so of course I’m hoping the value continues to head upwards to the sky :)

    Reply
    • admin

      Dave, I think it’s a bit of a problem – bitcoin is simply not as “convenient” as a bank card or handing someone a five dollar bill. I have a feeling that it will become more used, but not by the general population. Instead, it will only be some segments of society.

      Reply

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